A near-total collapse of the economy in Gaza due to the Israeli genocide.

The Palestinian Ministry of Economy announced that the Israeli genocide war on the Gaza Strip has led to the collapse of most economic activities and a decline in gross output by about 25%, at a time when the extent of destruction has exceeded 85% of the infrastructure in the sector.

The ministry clarified in its statement issued today, Saturday, on the occasion of "Palestinian Product National Day," that the ongoing war for two years has destroyed the pillars of the local economy in Gaza, noting that agricultural and fishing activities have declined by 30%, while manufacturing, water, and electricity sectors have decreased by about 33%.

The construction sector has declined by 57%, while the services sector has seen a decrease of 27%, which has brought the economic situation in Gaza to a "complete collapse level."

Before the war, Gaza's economy represented about 14% of the GDP of Palestine, valued at approximately $2.8 billion, while the unemployment rate was around 40%.

However, according to the International Labour Organization, the unemployment rate reached 80% last June, raising the overall average in the Palestinian territories to more than 50% compared to only 23% before the outbreak of the war in October 2023.

The ministry emphasized that the continuation of the Israeli aggression and the widespread destruction of infrastructure "doubles the importance of supporting the national product as a path for economic advancement and achieving gradual self-sufficiency."

According to a report, a ceasefire agreement concluded on October 10 of this month - according to the plan of U.S. President Donald Trump - ended a two-year war that resulted in the martyrdom of 68,643 Palestinians and injured 170,655 others, most of whom were women and children.

The United Nations estimated the cost of rebuilding Gaza at about $70 billion, amid comprehensive destruction of infrastructure, housing, and industrial facilities that has made the sector "a disaster area by all standards."